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Decision-Making in Economics: Critical Lessons from Neurobiology

Martins, Renato, Kumar, Kuldeep, Mukherjee, Avik, Nabin, Munirul and Bhattacharya, Sukanto 2014, Decision-Making in Economics: Critical Lessons from Neurobiology. In Christiansen, Bryan and Basilgan, Muslum (ed), Economic Behaviour, Game Theory, and Technology in Emerging Markets, IGI Global, Hershey, PA, pp.46-56, doi: 10.4018/978-1-4666-4745-9.ch004.

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Title Decision-Making in Economics: Critical Lessons from Neurobiology
Author(s) Martins, Renato
Kumar, Kuldeep
Mukherjee, Avik
Nabin, MunirulORCID iD for Nabin, Munirul
Bhattacharya, SukantoORCID iD for Bhattacharya, Sukanto
Title of book Economic Behaviour, Game Theory, and Technology in Emerging Markets
Editor(s) Christiansen, Bryan
Basilgan, Muslum
Publication date 2014
Chapter number 4
Total chapters 20
Start page 46
End page 56
Total pages 11
Publisher IGI Global
Place of Publication Hershey, PA
Keyword(s) Economics
Summary In this chapter, the authors consider some of the issues regarding the rational choice decision framework in neoclassical economics and how it can particularly be found wanting in the absence of due consideration for some of the underlying critical neurobiological factors which govern decision making. They develop a critical decision problem and explore the scenario where the solution predicted by formal economic theory may be in conflict with the decision that actually occurs. Such conflict is especially relevant in the context of economic decision making in emerging markets where there can be a lack of trust in the system by the agents operating within it. Based on logically consistent arguments derived from the extant literature, the authors argue that non-consideration of underlying neurobiological factors is a direct cause of this conflict.
ISBN 1466647477
Language eng
DOI 10.4018/978-1-4666-4745-9.ch004
Field of Research 140199 Economic Theory not elsewhere classified
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category B1 Book chapter
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Document type: Book Chapter
Collections: Faculty of Business and Law
Deakin Graduate School of Business
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Created: Mon, 17 Feb 2014, 15:16:57 EST by Katrina Fleming

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